Domestic Truckload & LTL

Orsted’s FlagshipONE Project, intended to be Europe’s largest methanol production plant, has announced they will be abandoning the project, citing slow market progress and an inability to sign long-term offtake contracts.

LTL Terminals which were purchased from the Yellow bankruptcy are starting to reopen. Estes Express Line, XPO, and SAIA, all of which purchased large numbers of terminals from Yellow, are resurrecting sites this month with plans to open more in Q3.

The Francis Scott Key Bridge in Baltimore, MD collapsed early Tuesday morning after a column was hit by a large container ship. An active search-and-rescue by Baltimore medical personnel is underway.

Knight-Swift President and CEO, Dave Jackson, has stepped down for ‘the next generation’ to take over the company.  Adam Miller, the company’s previous CFO, will take the helm. The company is committed to growing their LTL sector in 2024 by adding terminals and property to bolster that growth.

UPS has announced heavy layoffs exceeding 12,000 workers this year, most of which are expected in the first half of 2024. UPS also announced they are exploring “strategic alternatives” for subsidiary Coyote Logistics, according to the Journal of Commerce.

UAW members at Ford, General Motors and Stellantis have voted to ratify their new contracts, locking in record gains with the Big Three automakers. Across the three companies, 64% of voting members voted in favor of the agreement and will see a 25% pay increase over the course of their contract.

The UAW has come to tentative agreements with the Big Three – Ford, Stellantis, and GM – as of Monday morning, 10/30.  Union leaders will travel to Detroit on Friday to consider the contract.  Upon their approval, it will then be voted on by the union members.  Work may resume at all plants effective immediately, putting an end to the 6-week strike.